February 21st, 2017 Mortgage Industry Update

The Bank of Canada announced on January 18th that it’s overnight lending rate will remain at 0.50%. The prime rate remains at 2.70%. CMHC has announced that its rate premiums will rise on March 17th. Many fixed rates are predicted to rise slightly.

Additionally this week:
– Fitch Ratings: Federal and local policy changes to cool housing markets will see price appreciation slow to 3% in 2017, from 12% last year.

– Teranet-National Bank Composite House Price Index: Toronto home prices posted an annual increase of 20.9% in January, as compared to 2016.